Marathon Petroleum 8-K
PositiveEarningsGuidance raised
Higher crack spreads lifted refining earnings; El Paso and Robinson upgrades entered service.
Filed 2026-08-04 06:49 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 operating guidance. Net income attributable to MPC rose to $5.14B and adjusted EBITDA to $8.46B, driven primarily by higher crack spreads across all refining regions and stronger renewable diesel margins. MPC returned over $2.8B to shareholders and completed yield-enhancing investments at El Paso and Robinson; MPLX raised its 2026 growth-capital outlook.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Sales and other operating revenues | $52.0B | $33.8B | 54% |
| Income from operations | $7.32B | $2.20B | 233% |
| Net income attributable to MPC | $5.14B | $1.22B | 323% |
| Adjusted EBITDA, non-GAAP | $8.46B | $3.29B | 158% |
| Diluted EPS | $17.73 | $3.96 | 348% |
| Adjusted diluted EPS, non-GAAP | $17.73 | $3.96 | 348% |
- Refining and Marketing adjusted EBITDA was $6.66B vs $1.89B; higher crack spreads drove the increase. Midstream adjusted EBITDA was $1.78B vs $1.64B, mainly reflecting higher rates and throughputs; Renewable Diesel improved to $258M from $(19)M on stronger margins, higher throughputs and improved regulatory credit values.
- Capital returned exceeded $2.8B; $6.1B remained under share repurchase authorizations. Cash and cash equivalents were $7.77B, including $1.0B at MPLX. Consolidated debt was $32.8B, net of unamortized issuance costs and premium/discount; MPC debt was $7.18B and MPLX debt was $25.6B. Shares outstanding were 283M at 6/30/2026 vs 293M at 3/31/2026.
- El Paso’s yield-improvement project and Robinson’s product-flexibility project entered service in Q2; the Robinson project enables approximately 10 mbpd of incremental jet fuel production.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Refining operating costs per barrel | Q3 2026 | $5.60 | — | — |
| Distribution costs | Q3 2026 | $1.65B | — | — |
| Refining planned turnaround costs | Q3 2026 | $290M | — | — |
| Depreciation and amortization, Refining & Marketing | Q3 2026 | $390M | — | — |
| Crude oil refined | Q3 2026 | 2,820 mbpd | — | — |
| Other charge and blendstocks | Q3 2026 | 185 mbpd | — | — |
| Total refinery throughputs | Q3 2026 | 3,005 mbpd | — | — |
| Corporate costs, including $30M of depreciation and amortization | Q3 2026 | $260M | — | — |
| MPC capital spending, excluding MPLX | FY2026 | $1.5B | — | — |
| MPC capital spending mix: value-enhancing / sustaining | FY2026 | ≈65% / 35% | — | — |
| MPLX growth capital spending | FY2026 | $2.9B | $2.4B | Raised |
| MPLX annual distribution growth | 2026 and 2027 | 12.5% | — | — |
| Expected returns on MPLX growth projects | Project portfolio | Mid-teens | — | — |
Investor Takeaways
- Q3 refining costs, turnaround spending and throughput will show how results track against the operating outlook.
- MPLX’s near-term project startups, including Harmon Creek III beginning operations in August 2026 and Bay Runner planned for Q3 2026, will test execution of its growth-investment plan.
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